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International News Oil Petroleum

President Bassirou Diomaye Faye Celebrates Senegal’s First Oil Production

President Bassirou Diomaye Faye witnessed the production of Senegal’s first barrels of oil on the Sangomar platform, marking a historic milestone for the country in the global and African oil industries. Addressing the press, President Faye commended the dedication and efforts of those who believed in the potential of Senegal’s sedimentary basin and worked towards its development. He expressed immense pride in the young Senegalese professionals showcasing their expertise on the platform. “I reiterate my

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International News Oil

ReconAfrica Prepares for Naingopo Well Drilling in Kavango Basin

ReconAfrica is gearing up for the spudding of the Naingopo well in the Kavango onshore basin on July 7, 2024. All necessary camp setup, rig deployment, and equipment moves have been completed, with third-party service contractors mobilizing to the site ahead of schedule. At Prospect P, ongoing debushing and road access activities are progressing smoothly, with significant civil works, including well pad construction, set to commence next month. CEO Brian Reinsborough highlighted the operational intensity

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Diamonds International News

De Beers Faces Declining Rough Diamond Sales Amid Market Challenges

De Beers, the world’s largest diamond producer by value, has reported a decline in rough diamond sales for the second time this year. The Anglo American unit recorded provisional sales of $315 million, down from $383 million in the previous cycle and $456 million during the same period last year. The company attributed the drop to the quieter summer period, but analysts suggest that the diamond market continues to struggle. BMO analyst Colin Hamilton noted,

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Diamonds International News

EU Extends “Sunrise Period” for Russian Diamond Sanctions, Introduces Concessions

The European Union has extended the “sunrise period” for sanctions on Russian diamonds by six months and introduced a significant concession regarding goods predating the new rules. According to a statement released Monday, the EU has postponed the mandatory implementation of the traceability program for imports of rough and polished natural diamonds from September 1, 2024, to March 1, 2025. This extension aims to facilitate the establishment of the G7 traceability scheme, as outlined in

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International News Petroleum

Ghana’s $12 Billion Deal Paves Way for Leading Petroleum Hub in Africa

The Petroleum Hub Development Corporation (PHDC) has finalized a $12 billion agreement with the TCP-UIC Consortium, marking a pivotal move towards establishing Ghana as a prominent petroleum and petrochemical hub in Africa. Comprising Touchstone Capital Group Holdings Ltd., UIC Energy Ghana Ltd., China Wuhan Engineering Co. Ltd., and China Construction Third Engineering Bureau Co. Ltd., the consortium will initiate the first phase of the transformative Petroleum Hub Project. This significant development, announced today, signifies the

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International News Oil

Dangote Refinery Struggles with Local Crude Access, Blames Oil Majors

An executive from Dangote Refinery has accused major oil companies of hindering access to local crude by either overpricing it or claiming it’s unavailable. This situation has compelled the refinery to rely heavily on costly imports. The refinery, which represents a $20 billion investment and is set to become the largest in Africa and Europe upon reaching full capacity, commenced production in January. However, it has encountered difficulties in securing sufficient crude oil to meet

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International News Petroleum

Nigeria’s Energy Prices Surge by 223% Under New Administration

Energy prices in Nigeria have skyrocketed by 223% within one year of the current administration, according to a report from the National Bureau of Statistics published in the Punch newspaper. Since President Bola Tinubu took office, petrol prices have surged over 200%, as detailed in the May 2024 Premium Motor Spirit (Petrol) Price Watch report by the NBS. The sharp increase in petrol prices follows the president’s decision to eliminate fuel subsidies, previously considered financially

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International Gas News

Nigeria Among Top Global Gas-Flaring Nations in 2023, World Bank Report Finds

Nigeria has been identified as one of the top nine gas-flaring countries in 2023, according to the latest Global Gas Flaring Tracker Report by the World Bank. Together with countries such as the Russian Federation, the Islamic Republic of Iran, Iraq, the United States, the Bolivarian Republic of Venezuela, Algeria, and Libya, Nigeria contributes to 75% of the world’s gas flaring. The remaining 25% is attributed to over 60 other countries globally. Despite producing 46%

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International News Oil

Namibia Emerges as Key Player in Southern Africa’s Oil Exploration

Most oil-producing African nations are concentrated in the Western, Northern, and Central regions of the continent, leaving the Southern and Eastern parts with limited oil resources. Apart from Angola, no Southern African nation significantly contributes to the global oil market. However, recent discoveries in Namibia suggest a potential paradigm shift. According to a Reuters report, major oil companies have been actively exploring Namibia’s offshore regions in recent years. In 2023, Namibia’s National Petroleum Company (NAMCOR)

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International News Renewable Energy

British International Investment Plc Supports Tanzania’s Renewable Energy Expansion

British International Investment Plc (BII), the UK’s development-finance arm, is embarking on its first renewable energy project in Tanzania. According to Nick O’Donohoe, CEO of BII, the firm has agreed to initially lend $15 million to Meridiam SAS’s Rift Valley Energy for the development of 7.6 megawatts of wind and small-scale hydro projects. This investment could potentially increase to $25 million. “These new installations will provide electricity to 170,000 consumers, many of whom were previously

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